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Written by Stumo
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Thursday, 26 June 2008 |
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Where is oil consumption increasing and decreasing? There are the top ten gainers and top ten losers by barrels per day.
Casey Research says China is enjoying staggering growth rates for car ownership.
Assuming that the 7.3 million new car owners in 2008 each drive 5,000
miles a year, and they achieve 40 miles per gallon, the result would be
an additional 45.6 million barrels of crude demand, equivalent to
125,000 bbl/day. In other words, new Chinese drivers will devour 25-30%
of the recently promised Saudi production increase in a single year.
And don't forget the Chinese brown cloud.
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In the news
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The following article appeared on the online site for Manufacturing & Technology News on November 17, 2008 and was written by Paul Craig Roberts, former Assistant Secretary of the Treasury in the Reagan administration.
By most accounts the U.S. economy is in serious trouble. Robert Reich, an adviser to President-elect Obama, calls it a "mini-depression," but that designation might be optimistic. Russian economist Mikhail Khazin says that the "U.S. will soon face a second Great Depression." It is possible that even Khazin is optimistic.
I cannot predict the future. However, I can explain what the problems are, how they differ from past times of troubles and why traditional remedies, such as the public works programs that Reich proposes, are unlikely to succeed in reviving the U.S. economy. |
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